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I-3 - Taxation Act

Section 752.0.10.16
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752.0.10.16. For the purposes of this chapter, where at any particular time an individual makes a gift, including a gift that, but for this section, would be deemed under section 752.0.10.10 to have been made at the particular time, of a non-qualifying security of the individual and the gift is not an excepted gift of the individual, the following rules apply:
(a)  except for the purpose of determining the individual’s proceeds of disposition of the security pursuant to section 752.0.10.12, the gift is deemed not to have been made;
(b)  if the security ceases to be a non-qualifying security of the individual at a subsequent time that is within 60 months after the particular time and the donee has not disposed of the security at or before the subsequent time, the individual is deemed to have made a gift to the donee of property at the subsequent time and the fair market value of the property is deemed to be the lesser of the fair market value of the security at the subsequent time and the fair market value of the security at the particular time that would, but for this section, have been included in the individual’s total charitable gifts for a taxation year; and
(c)  if the security is disposed of by the donee within 60 months after the particular time and paragraph b does not apply to the security, the individual is deemed to have made a gift to the donee of a property at the time of the disposition and the fair market value of the property is deemed to be the lesser of the fair market value of any consideration (other than a non-qualifying security of any person) received by the donee for the security and the fair market value of the security at the particular time that would, but for this section, have been included in the individual’s total charitable gifts for a taxation year;
(d)  (paragraph repealed).
1999, c. 83, s. 96; 2009, c. 5, s. 287; 2012, c. 8, s. 119; 2017, c. 1, s. 196; 2017, c. 29, s. 145.
752.0.10.16. For the purposes of this chapter, where at any particular time an individual makes a gift, including a gift that, but for this section and section 752.0.10.9, would be deemed under section 752.0.10.10 to have been made at the particular time, of a non-qualifying security of the individual and the gift is not an excepted gift of the individual, the following rules apply:
(a)  except for the purpose of determining the individual’s proceeds of disposition of the security pursuant to section 752.0.10.12, the gift is deemed not to have been made;
(b)  if the security ceases to be a non-qualifying security of the individual at a subsequent time that is within 60 months after the particular time and the donee has not disposed of the security at or before the subsequent time, the individual is deemed to have made a gift to the donee of property at the subsequent time and the fair market value of the property is deemed to be the lesser of the fair market value of the security at the subsequent time and the fair market value of the security at the particular time that would, but for this section, have been included in the individual’s total charitable gifts for a taxation year; and
(c)  if the security is disposed of by the donee within 60 months after the particular time and paragraph b does not apply to the security, the individual is deemed to have made a gift to the donee of a property at the time of the disposition and the fair market value of the property is deemed to be the lesser of the fair market value of any consideration (other than a non-qualifying security of any person) received by the donee for the security and the fair market value of the security at the particular time that would, but for this section, have been included in the individual’s total charitable gifts for a taxation year;
(d)  (paragraph repealed).
1999, c. 83, s. 96; 2009, c. 5, s. 287; 2012, c. 8, s. 119; 2017, c. 1, s. 196.
752.0.10.16. For the purposes of this chapter, where at any particular time an individual makes a gift, including a gift that, but for this section and section 752.0.10.9, would be deemed under section 752.0.10.10 to have been made at the particular time, of a non-qualifying security of the individual and the gift is not an excepted gift of the individual, the following rules apply:
(a)  except for the purpose of determining the individual’s proceeds of disposition of the security pursuant to section 752.0.10.12, the gift is deemed not to have been made;
(b)  if the security ceases to be a non-qualifying security of the individual at a subsequent time that is within 60 months after the particular time and the donee has not disposed of the security at or before the subsequent time, the individual is deemed to have made a gift to the donee of property at the subsequent time and the fair market value of the property is deemed to be the lesser of the fair market value of the security at the subsequent time and the fair market value of the security at the particular time that would, but for this section, have been included in the individual’s total charitable gifts or total Crown gifts for a taxation year; and
(c)  if the security is disposed of by the donee within 60 months after the particular time and paragraph b does not apply to the security, the individual is deemed to have made a gift to the donee of a property at the time of the disposition and the fair market value of the property is deemed to be the lesser of the fair market value of any consideration (other than a non-qualifying security of any person) received by the donee for the security and the fair market value of the security at the particular time that would, but for this section, have been included in the individual’s total charitable gifts or total Crown gifts for a taxation year;
(d)  (paragraph repealed).
1999, c. 83, s. 96; 2009, c. 5, s. 287; 2012, c. 8, s. 119.
752.0.10.16. For the purposes of this chapter, where at any particular time an individual makes a gift, including a gift that, but for this section and section 752.0.10.9, would be deemed under section 752.0.10.10 to have been made at the particular time, of a non-qualifying security of the individual and the gift is not an excepted gift of the individual, the following rules apply:
(a)  except for the purpose of determining the individual’s proceeds of disposition of the security pursuant to section 752.0.10.12, the gift is deemed not to have been made;
(b)  if the security ceases to be a non-qualifying security of the individual at a subsequent time that is within 60 months after the particular time and the donee has not disposed of the security at or before the subsequent time, the individual is deemed to have made a gift to the donee of property at the subsequent time and the fair market value of the property is deemed to be the lesser of the fair market value of the security at the subsequent time and the fair market value of the security at the particular time that would, but for this section, have been included in the individual’s total charitable gifts or total Crown gifts for a taxation year; and
(c)  if the security is disposed of by the donee within 60 months after the particular time and paragraph b does not apply to the security, the individual is deemed to have made a gift to the donee of a property at the time of the disposition and the fair market value of the property is deemed to be the lesser of the fair market value of any consideration (other than a non-qualifying security of the individual or a property that would be a non-qualifying security of the individual if the individual were alive at the time of the disposition) received by the donee for the security and the fair market value of the security at the particular time that would, but for this section, have been included in the individual’s total charitable gifts or total Crown gifts for a taxation year;
(d)  (paragraph repealed).
1999, c. 83, s. 96; 2009, c. 5, s. 287.
752.0.10.16. For the purposes of this chapter, where at any particular time an individual makes a gift, including a gift that, but for this section and section 752.0.10.9, would be deemed under section 752.0.10.10 to have been made at the particular time, of a non-qualifying security of the individual and the gift is not an excepted gift of the individual, the following rules apply:
(a)  except for the purpose of determining the individual’s proceeds of disposition of the security pursuant to section 752.0.10.12, the gift is deemed not to have been made;
(b)  where the security ceases to be a non-qualifying security of the individual at a subsequent time that is within 60 months after the particular time and the donee has not disposed of the security at or before the subsequent time, the individual is deemed to have made a gift to the donee of property at the subsequent time and the fair market value of that gift is deemed to be the lesser of the fair market value of the security at the subsequent time and the amount of the gift made at the particular time that would, but for this section, have been included in the individual’s total charitable gifts or total Crown gifts for a taxation year;
(c)  where the security is disposed of by the donee within 60 months after the particular time and paragraph b does not apply to the security, the individual is deemed to have made a gift to the donee of property at the time of the disposition and the fair market value of that gift is deemed to be the lesser of the fair market value of any consideration, other than a non-qualifying security of the individual or a property that would be a non-qualifying security of the individual if the individual were alive at the time of the disposition, received by the donee for the security and the amount of the gift made at the particular time that would, but for this section, have been included in the individual’s total charitable gifts or total Crown gifts for a taxation year; and
(d)  a designation under section 752.0.10.12 in respect of the gift made at the particular time may be made in the individual’s fiscal return for the year that includes the subsequent time referred to in paragraph b or the time of the disposition referred to in paragraph c.
1999, c. 83, s. 96.
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